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Fund of $2.9 Bln to Develop 'Al Kidwa' in Makkah

The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)
The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)
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Fund of $2.9 Bln to Develop 'Al Kidwa' in Makkah

The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)
The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)

The Royal Commission for Makkah City and Holy Sites (RCMC) signed on Tuesday an agreement to establish a SAR 11 billion ($2.9 billion) fund to develop the Al Kidwa area, which is located nearly 500 meters south of the Holy Mosque.

The project will cover an area of 686,056 sq m and include the development of 2,614 properties within the project.

RCMC will facilitate the implementation process by providing alternative solutions for Al Kidwa residents and assisting the fund in obtaining licenses, permits, and approvals required to begin operations.

The agreement was signed on the sidelines of Cityscape Global which witnessed the participation of the RCMC which plays an integrative role with the Holy Makkah Municipality, Kidana, and the country to showcase the projects and investment opportunities of Makkah.

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Syria to Receive Electricity-generating Ships from Qatar, Türkiye

FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
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Syria to Receive Electricity-generating Ships from Qatar, Türkiye

FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo

Syria will receive two electricity-generating ships from Türkiye and Qatar to boost energy supplies hit by damage to infrastructure during President Bashar al-Assad's rule, state news agency SANA quoted an official as saying on Tuesday.
Khaled Abu Dai, director general of the General Establishment for Electricity Transmission and Distribution, told SANA the ships would provide a total of 800 megawatts of electricity but did not say over what period.
"The extent of damage to the generation and transformation stations and electrical connection lines during the period of the former regime is very large, we are seeking to rehabilitate (them) in order to transmit energy,” Abu Dai said.
According to Reuters, he did not say when Syria would receive the two ships.
The United States on Monday issued a sanctions exemption for transactions with governing institutions in Syria for six months after the end of Assad's rule to try to increase the flow of humanitarian assistance.
The exemption allows some energy transactions and personal remittances to Syria until July 7. The action did not remove any sanctions.
Syria suffers from severe power shortages, with state-supplied electricity available just two or three hours a day in most areas. The caretaker government says it aims within two months to provide electricity up to eight hours a day.